Prof Jonathan Jansen, President, Academy of Science of South Africa (ASSAf) cordially invites you to the 5th Annual ASSAf Science-Business Leadership Forum titled “Unmasking the Enigma called FinTech”
Date: 3 November 2023
Time: 09:00 to 11:00 (SA Time)
Platform: ZOOM Webinar
Registration: Click here to register (You will receive a joining link immediately after registration)
Enquiries: Dr Tebogo Mabotha (tebogo@assaf.org.za)
Background
The concept of ‘money’ and the world of financial services and products have undergone a remarkable transformative evolution since the Global Financial Crisis, propelled by technological advancements and the global shift towards the digital economy. These financial technology (FinTech) developments range from rapid payment systems, mobile money, digital banking (including central bank digital currencies, CBDCs), cryptocurrencies, blockchains etc. FinTech promises to not only shape the future of transactions but also redefine the fundamental tenets of monetary value and exchange. Between 2010 and 2019, the global FinTech sector witnessed a significant surge in investments, totalling over US$165.5 billion. According to a recent report by the Boston Consulting Group, annual FinTech revenues are projected to reach $1.5 trillion by 2030.
Fintech industry, while promising transformative solutions, is not without its challenges. These challenges revolve around several core issues: technological applications to be considered; legal, regulatory and policy hurdles; security concerns; customer trust; data protection and the impact on previously overlooked demographics. Understanding these core elements and the broader FinTech environment can help shed light and shape FinTech today and in the decades to come, particularly in Africa.
The forum will embark on stimulating conversation on this enigma called FinTech, in order to understand deeply what FinTech is; its adoption on the African Continent; the regulatory conundrum; challenges and benefits posed for regulators; delving into questions of whether South Africa should introduce a “digital Rand”, i.e. a retail central bank digital currency (CBDC), the benefits and risks of such a currency; and how technology such as AI can be leveraged to address money laundering, fraud, identity theft, combatting financing of terrorism and proliferation financing etc. We have three panellists who will share their vast expertise; Prof Vivienne Lawack (DVC: Academic, University of the Western Cape); Prof Co-Pierre Georg (SARChI Chair: Blockchain Technology, University of Cape Town) and Prof Louis de Koker (Professor of Law, La Trobe University, Australia).
The Academy of Science of South Africa (ASSAf) annually hosts the ASSAf Science-Business Leadership Forum colloquium in which we bring together prominent scientists/scholars and leading experts from the business community to deliberate on a matter of shared significance. The forum is hosted by the Academy of Science of South Africa (ASSAf) and moderated by ASSAf’s President, Prof Jonathan Jansen.